Leading UAE developer Emaar Properties has announced that its board has approved the distribution of cash dividends worth AED2.2 billion ($598 million) to its shareholders for FY 2022.
In a disclosure to Dubai Financial Market (DFM), the company said the proposed profits represent 25% of the capital, at 25 fils per share.
For FY 2022, Emaar had reported solid growth in its profitability and marked improvement in the performance of recurring revenue businesses in 2022.
Its net profit surged by 80% to hit AED6.8 billion ($1.9 billion), while its ebitda for the period hit AED9.8 billion ($2.7 billion), up 18% over the previous year, as a result of sustained revenue, improved margins, and continued control over costs.
It also showed continued improvement in its property sales which rose to a record AED35.1 billion ($9.5 billion)
The Dubai developer recorded a revenue of AED24.9 billion ($6.8 billion) in 2022, supported by the continuous strengthening of the Dubai real estate market and growth achieved by the recurring revenue businesses due to the rebound of global tourism.
The BoD has submitted the proposal to the General Assembly which will meet next month to decide on the approval of Securities and Commodities Authority (SCA) on the meeting agenda.
It also approved the annual report on the consolidated statement of financial position for the year ending 31st December 2022 which will be presented to the General Assembly meeting for review and approval.-TradeArabia News Service